Bill C-567

3rd Session, 40th Parliament,

59 Elizabeth II, 2010

house of commons of canada

BILL C-567

An Act to amend the Income Tax Act (fairness for home buyers)

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

1. The portion of subsection 117.1(1) of the Income Tax Act before paragraph (a) is replaced by the following:

117.1 (1) The amount of $1,000 referred to in the formula in paragraph 8(1)(s), each of the amounts expressed in dollars in subparagraph 6(1)(b)(v.1), subsection 117(2), the description of B in subsection 118(1), subsection 118(2), paragraph (a) of the description of B in subsection 118(10), subsection 118.01(2), the descriptions of C and F in subsection 118.2(1), subsections 118.3(1), 122.5(3) and 122.51(1) and (2), the amounts of $500 and $1,000 referred to in the description of A, and the amounts of $9,500 and $14,500 referred to in the description of B, in the formula in subsection 122.7(2), the amount of $250 referred to in the description of C, and the amounts of $12,833 and $21,167 referred to in the description of D, in the formula in subsection 122.7(3), the amount of $25,000 referred to in paragraph (h) of the definition “regular eligible amount” in subsection 146.01(1) and in paragraph (g) of the definition “supplemental eligible amount” in subsection 146.01(1) and each of the amounts expressed in dollars in Part I.2 in relation to tax payable under this Part or Part I.2 for a taxation year shall be adjusted so that the amount to be used under those provisions for the year is the total of